Discovery Communications raised its profit forecasts for both 2016 and for the next three-year period.

On its call with analysts to discuss second-quarter earnings on Tuesday (Aug. 2), the company said that recent renewals with distributors locked in solid revenue growth, particularly in Europe where Discovery will have rights to Olympic coverage. Discovery announced a renewal of its distribution deal with Liberty Global covering 12 European markets Tuesday.

Discovery CFO Andrew Warren told analysts that the company was packing ahead of its profit expectations and was raising its guidance for 2016 earnings per share growth from high teens to at least 20%.

Warren also said that over the next three years, in constant currency, the company expected to generate earnings per share growth in the low teens or better, compared with earlier guidance of low double digits.

The increases come despite what will be a difficult third quarter in terms of ad revenue. Because of the Olympics and the decision to air Discovery Channel's popular Shark Week earlier in the summer, ad revenue is likely to be down in the low single-digit range from last year but should rebound to positive in the fourth quarter, Warren said.

Discovery CEO David Zaslav called the move of Shark Week a mistake.

Read more at broadcastingcable.com.

Discovery Communications has signed a long-term deal for rights to televise the Olympics in England.

The BBC, which has the U.K. rights to the 2018 and 2020 Olympics, is sub-licensing the pay TV rights to those games to Discovery. Discovery, whose Eurosport has the rights to the 2022 and 2024 games, is sub-licensing the broadcast right to those games to the BBC.

Financial terms were not disclosed. U.K. newspaper The Guardian put the value of the deal at $1.3 billion.

“Discovery is a passionate and committed partner of the Olympic Movement,” David Zaslav, Discovery CEO, said. "Today’s agreement is a win for UK sports fans and marks an exciting new chapter in Discovery and the BBC’s partnership on major sporting events."

Read more at broadcastingcable.com.